A surging Ethereum-based altcoin defies the bear market as it trends higher as broader crypto markets struggle.
XCN, the governance and utility token for the blockchain cloud protocol chain, has surged over 70% in the past 10 days, while most other crypto assets have moved sideways.
XCN was trading around $0.10 on May 25 and is now priced at $0.174 at the time of writing. The asset also climbed in the crypto market cap rankings, from 51st in mid-May to 28th this week.
The company also announced that it continues to hire new employees despite the general stagnation in the crypto markets.
The long weekend is over and you’re dreading the next day at work? Find a better job and grow your career #Chain. An incredible team, incredible products and the energy to drive innovation. Help build the next generation of #developer designed blockchain products with us. pic.twitter.com/X5miq84QWm
— String (@String) May 30, 2022
XCN has also become available on BNB Chain last month, the blockchain network of Binance, the world’s largest crypto exchange by volume. Via BNB Chain, the crypto asset can now also be deposited using crypto exchanges Huobi, Gate.io and KuCoin.
— String (@String) May 19, 2022
On Friday, Chain announced that it had burned a staggering $2.6 billion worth of XCN, or more than 22% of the token’s total supply, as part of a new governance change.
As the channel’s CEO Deepak Thapliyal said,
“XCN Token Burning Means Switch to Chain’s Decentralized DAO [decentralized autonomous organization] governance. This milestone recognizes both XCN’s impact on Web 3.0 development and the innovators who have used it to build on Chain.
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Ethereum-Based Altcoin Soars 70% In Just 10 Days, Bucking Crypto Market Trend
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